Sports Direct takes put option on bigger Debenhams stake

LONDON (Reuters) - Sports Direct (SPD.L), Britain's largest sporting goods retailer, said it had put in place a financial structure to manage its newly-acquired exposure to Debenhams (DEB.L), which could result in its stake rising by 2 percent to 6.6 percent.

Sports Direct said on Thursday that it had disposed of the 4.6 percent stake in the country's No. 2 department store it had bought on Monday and replaced it with a put option over a 6.6 percent stake.

The sporting goods retailer also reiterated its intention to be a supportive shareholder in Debenhams.

"Sports Direct wishes to explore options at an operational level to work together with Debenhams and is looking forward to meeting with Debenhams' senior management team in the near future," the company said in its statement.